If I skip my EMIs are there any charges levied by the bank?
– Sahar Nath The bank will charge you a penalty on the late payment of your EMI as well as a penal interest for the period of delay. If a cheque or ECS instruction has bounced, the bank and the lender can charge you cheque return or bounce fees. This amount will vary from bank to bank. It is advisable to pay EMIs on time to avoid spoiling your credit history. A bank can take legal action against you if you continue to default. It will also affect your credit history, reducing your ability to borrow in future if the default is persistent.
Can I take a break in payment of EMIs for my home loan?
– Gaurav Gurung It is not possible to take a break in payment of your home loan EMIs. It is advisable to pay your EMIs on time to avoid spoiling your credit history. Your bank can take legal action against you if you continue to default. It will also affect your credit record reducing your ability to borrow.
If I become a guarantor for home loan for a friend and he borrow around ₹ 16 lakh from a bank, would it affect my home loan eligibility? I plan to take a home loan worth ₹ 20 lakh in future.
– Palak Gupta If you decide to become a
The article, ‘Bachelors not welcome’ in HT Estates dated November 7, 2015, inadvertently missed mentioning that when he rented his apartment, tenant Anik Biswas was not informed about society restrictions on bachelors occupying an apartment. He had loan guarantor for your friend, it will have direct impact on your loan eligibility. The guarantee given by you is treated on par with credit facility availed by you. Also, the prepayment track record on that loan will reflect on your loan as well. So, think before you agree to provide a guarantee for your friend.
Is it possible for a bank to hold the loan before disbursement once the loan amount is approved and approval mail/sms sent by the bank? If no, then can we take any legal action against the bank if it’s not willing to give a loan even after approval?
– Bhishma Sharma You have a right to get reasons in writing if the bank is withholding disbursements due to any reason. If you are not satisfied with the response received from the bank or you do not receive any response, you can address your grievance to the nodal officer of the bank, details of which are given on the bank’s website.
If after four weeks, the issue is not resolved, you can file a complaint to the banking ombudsman on the RBI website. The link for the same is www. bankingombudsman.rbi. org.in moved in knowing and believing that bachelors were allowed to stay in the society. Later, he learnt that his lease deed and police verification documents were not submitted by the landlord to the RWA in what Biswas felt was an attempt to conceal the truth.